Today on the Divorce Collective podcast, Caralee Fontenele answers the question: Should you consider a prenuptial agreement when moving in with your partner? And what exactly is a prenup?
In simple terms, if you want to protect your assets in the event that your relationship breaks down in the future, then yes, you should consider a prenuptial agreement.
A prenuptial agreement, technically known as a Binding Financial Agreement (BFA), can be drafted before, during, or after the relationship. It is a legal document that outlines how assets and financial matters will be divided if the relationship ends.
Under the Family Law Act, a couple is considered de facto once they have lived together for 24 months or more. De facto relationships have the same property rights as married couples. This means that your partner may be entitled to a share of your assets, even if they have not made any direct contributions to them.
If you have greater assets than your partner, it is important to seek legal advice about getting a prenuptial agreement (BFA) drafted. This agreement will help protect your assets in the event of a relationship breakdown.
A prenuptial agreement is a complex document that a family lawyer will draft for you. It essentially contracts you out of the Family Law Act, giving you more control over how your assets are divided. To ensure the agreement is binding, the other party must also obtain independent legal advice.
Although prenuptial agreements require effort and investment, they can be well worth it in case your relationship comes to an end in the future. They provide clarity and peace of mind, allowing both parties to know where they stand financially.
If you are interested in discussing a potential Binding Financial Agreement, we invite you to come in and see one of our experienced family lawyers. We offer a 45-minute free consultation to ensure you understand your options and gain clarity on your situation. To book your in-office or Zoom consultation, call us at 5574 0971.
Join us on the Divorce Collective podcast as Caralee Fontenele dives deeper into the topic of prenuptial agreements and shares valuable insights and expert advice. Tune in to gain a better understanding of how a prenup can protect your assets and provide security for your future.
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If you need professional assistance from experienced Gold Coast family lawyers, look no further than Collective Family Law Group. We are here to guide you through the complexities of family law and provide the support you need during this challenging time. Contact us today to book your free consultation and take the first step towards a brighter future.